News / From the associates

PwC’s 2026 Family Office Survey paints a picture of an evolving Italian ecosystem that is gradually shifting from a conservative approach to a more structured and selective one. The 164 transactions surveyed—including direct investments and club deals—across a sample of 48 firms (85% of which are Single Family Offices) indicate growing activity, despite assets under management that, on average, fall short of international benchmarks: 52% manage less than €250 million, while only 19% exceed €1 billion. Wealth remains heavily concentrated in Northern Italy (85%), confirming a territorial polarization that has now become structural. On the investment front, the model maintains a prudent approach, with a still significant allocation to cash and bonds, but there is a gradual shift toward more active and diversified strategies: private markets account for 21% of portfolios and are becoming an area of growing interest. In this context, club deals are emerging as an increasingly central tool, not only for risk sharing but also for accessing more complex opportunities and leveraging complementary expertise.

About 31% of the average portfolio is allocated to listed equities, and the overall allocation to public equity is growing, while a significant portion of operators state their intention to further increase their equity exposure over the next 12 months. Within this context, the technology sector remains central, with approximately 58% of family offices planning to overweight the sector, thanks in part to the growing importance of trends such as artificial intelligence, digitalization, and connected infrastructure.

Interest in private asset classes is also strengthening, particularly in private equity and venture capital, which account for 9% of portfolios and which 50% of operators intend to increase. As for real estate, exposure in Family Office portfolios remains stable and marginal compared to other asset classes: direct real estate investments are growing slightly (+2%), while indirect investments (REITs and funds) stand at around 2%. The outlook points to substantial stability in allocation, with 81% of operators planning to keep the share of direct real estate unchanged and 50% that of indirect real estate. This figure signals a more defensive and diversification-oriented role for the real estate sector. Geographically, a strong “home bias” emerges, with 23% of investments concentrated in Italy, within an allocation that favors developed markets such as the Eurozone (33%) and North America (31%).

Overall, the Italian family office sector continues to evolve, driven by factors such as generational transition—with 51% of assets already in the hands of the second generation—and the growing professionalization of these structures. Looking ahead, 63% of operators expect the sector to grow, driven primarily by generational transition and increasing asset complexity.